Report on Japan hacking news that took place last week has made Bitcoin weaker. How then is Ethereum & Ripple trading? Get insight on this from the 29 January Bitcoin Price Fundamental Analysis.
29 January, GKFX – After the Financial Services Agency (FSA) ordered Coincheck to submit a report on the hacking incident that took place last week, Reuters reports that the Japanese financial regulator is considering conducting inspections on other cryptocurrency exchanges.
Bloomberg reports comments from Yuko Kawai, the head of the Bank of Japan (BoJ) FinTech division, delivered in an interview published Sunday.
“We aren’t at the stage of considering issuing a digital currency because there is no demand. To begin with, do we really need a digital currency in the nation where cashless living isn’t making much progress?”
Bitcoin is not a currency but a commodity for speculative trading.
29 January Bitcoin Price Fundamental Analysis
After consolidating in a $ 2000 narrow range almost throughout the last week, Bitcoin, the world’s most renowned cryptocurrency, started a new week on the back foot, confined within the familiar range near $ 11,500 levels, as the reports of the Japanese crypto exchange hacking incident weigh down on the sentiment.
Moreover, the latest news that the Japanese regulators are now stepping up measures to conduct inspections on other cryptocurrency exchanges also added to the downbeat tone around the spot.
Despite the subdued trading activity, Bitcoin.com’s weekly trading analyst, Eric Wall, wrote in his most recent report:
“I believe we are about to break out from an extended period of consolidation. I’m opening a medium-sized long position (saving some of my trading balance in case we do get a chance at ~$8k).”
Ethereum And Ripple Rally
Meanwhile, Ripple and Ethereum ditched its counterparts Bitcoin and Bitcoin Cash and enjoyed solid gains amid a lack of fresh catalysts. Ethereum gained 5% to $ 1222, Ripple rose 5.56% while NEM, the 10th-largest cryptocurrency with a market capitalization of $7.6 billion, dropped 7%, according to the CoinMarketCap data.
Meanwhile, the cryptocurrency market cap advanced to $ 583 billion, with Bitcoin’s market cap testing the $ 200 billion figure.
This article 29 January Bitcoin Price Fundamental Analysis was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.